Permian Resources (NYSE:PR) Hits New 1-Year High – What’s Next?

Permian Resources Corporation (NYSE:PR) shares reached a new 52-week high on Monday. The stock traded as high as $25.68 and last traded at $25.5110, with a volume of 913 shares changing hands. The stock had previously closed at $25.49.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on PR shares. UBS Group upped their price objective on shares of Permian Resources from $24.00 to $29.00 and gave the stock a “buy” rating in a report on Monday, September 14th. Susquehanna raised their target price on Permian Resources from $25.00 to $30.00 and gave the company a “positive” rating in a research report on Tuesday, October 20th. Mizuho raised shares of Permian Resources to a “strong-buy” rating in a report on Friday, July 31st. Wells Fargo & Company increased their target price on shares of Permian Resources from $27.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 14th. Finally, Zacks Research upgraded Permian Resources from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 6th. Five equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $26.39.

Permian Resources Trading Down 1.2%

The stock has a 50 day simple moving average of $23.26 and a 200 day simple moving average of $20.15. The firm has a market capitalization of $21.33 billion, a PE ratio of 16.86 and a beta of 0.66.

Permian Resources (NYSE:PR) last announced its quarterly earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.10. The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.66 billion. The company’s quarterly revenue was up 55.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.28 EPS. As a group, equities analysts anticipate that Permian Resources Corporation will post 2.43 earnings per share for the current year.

Permian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th were given a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Wednesday, September 16th. Permian Resources’s dividend payout ratio (DPR) is currently 42.38%.

Insider Buying and Selling at Permian Resources

In other news, EVP Guy Oliphint sold 5,103 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,196.25. Following the completion of the transaction, the executive vice president owned 537,400 shares in the company, valued at $12,763,250. This trade represents a 0.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Robert Shannon sold 5,104 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $23.75, for a total value of $121,220.00. Following the completion of the transaction, the executive vice president owned 1,346,698 shares of the company’s stock, valued at approximately $31,984,077.50. This trade represents a 0.38% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 15,699 shares of company stock valued at $372,851. 5.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of PR. Wellington Management Group LLP lifted its holdings in shares of Permian Resources by 3.9% during the second quarter. Wellington Management Group LLP now owns 20,156,113 shares of the company’s stock valued at $371,074,000 after purchasing an additional 763,059 shares in the last quarter. Jennison Associates LLC grew its position in Permian Resources by 63.1% during the first quarter. Jennison Associates LLC now owns 6,230,034 shares of the company’s stock valued at $132,824,000 after buying an additional 2,411,292 shares during the period. Arrowstreet Capital Limited Partnership bought a new stake in shares of Permian Resources during the 1st quarter valued at $121,041,000. First Trust Advisors LP increased its position in Permian Resources by 66.6% in the first quarter. First Trust Advisors LP now owns 5,564,528 shares of the company’s stock worth $118,636,000 after buying an additional 2,224,560 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Permian Resources by 1.8% in the 1st quarter. Principal Financial Group Inc. now owns 4,733,183 shares of the company’s stock worth $100,911,000 after acquiring an additional 85,509 shares in the last quarter. 91.84% of the stock is owned by hedge funds and other institutional investors.

Permian Resources Company Profile

Permian Resources Corporation (NYSE: PR) is an independent oil and natural gas company focused on the acquisition, development, and production of hydrocarbons in the Permian Basin. Its operations are concentrated in the Delaware Basin, a prolific oil-producing region spanning southeastern New Mexico and West Texas.

The company’s production portfolio includes crude oil, natural gas, and natural gas liquids. Permian Resources develops its acreage through horizontal drilling and multi-well development programs, with activities that include drilling, completion, production, and infrastructure management.